CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 25,000 Shares of Primoris Services Corporation $PRIM

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 19.7% in the first quarter, HoldingsChannel reports. The firm owned 152,000 shares of the company’s stock after buying an additional 25,000 shares during the period. Primoris Services makes up approximately 1.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 26th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Primoris Services were worth $21,742,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbour Investments Inc. bought a new position in Primoris Services in the fourth quarter worth about $33,000. Root Financial Partners LLC raised its stake in shares of Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after acquiring an additional 69 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in Primoris Services during the second quarter valued at approximately $34,000. Cullen Frost Bankers Inc. boosted its stake in Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after acquiring an additional 81 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after purchasing an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the sale, the director owned 14,941 shares in the company, valued at $1,779,323.69. This represents a 57.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the sale, the insider directly owned 27,574 shares in the company, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PRIM has been the subject of several analyst reports. Wall Street Zen lowered Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Guggenheim reiterated a “buy” rating and issued a $162.00 price target on shares of Primoris Services in a research note on Tuesday, June 23rd. Weiss Ratings lowered Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. Mizuho cut their price objective on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. Finally, Wolfe Research reiterated an “outperform” rating and issued a $149.00 target price on shares of Primoris Services in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $143.79.

Primoris Services Trading Down 0.1%

Shares of NYSE:PRIM opened at $88.08 on Monday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services Corporation has a 52-week low of $65.00 and a 52-week high of $205.50. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 19.40 and a beta of 1.41. The business has a 50-day moving average price of $117.66 and a 200-day moving average price of $136.05.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the company posted $0.98 EPS. Primoris Services’s quarterly revenue was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Equities analysts predict that Primoris Services Corporation will post 1.88 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Primoris Services’s payout ratio is currently 7.05%.

Primoris Services Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.